Sumitomo Mitsui Trust Group Inc. Grows Holdings in Beam Therapeutics Inc. (NASDAQ:BEAM)

Sumitomo Mitsui Trust Group Inc. increased its stake in shares of Beam Therapeutics Inc. (NASDAQ:BEAM) by 59.7% in the third quarter, HoldingsChannel.com reports. The firm owned 3,552,829 shares of the company’s stock after buying an additional 1,328,414 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Beam Therapeutics were worth $87,044,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Swiss National Bank boosted its position in shares of Beam Therapeutics by 3.1% during the first quarter. Swiss National Bank now owns 136,700 shares of the company’s stock worth $4,517,000 after buying an additional 4,100 shares during the period. QRG Capital Management Inc. grew its position in Beam Therapeutics by 45.2% in the 1st quarter. QRG Capital Management Inc. now owns 23,036 shares of the company’s stock valued at $761,000 after acquiring an additional 7,176 shares in the last quarter. Russell Investments Group Ltd. increased its stake in Beam Therapeutics by 4.4% during the first quarter. Russell Investments Group Ltd. now owns 143,828 shares of the company’s stock worth $4,752,000 after purchasing an additional 6,102 shares during the period. ProShare Advisors LLC lifted its position in shares of Beam Therapeutics by 10.6% during the first quarter. ProShare Advisors LLC now owns 19,511 shares of the company’s stock worth $645,000 after purchasing an additional 1,873 shares in the last quarter. Finally, Vanguard Group Inc. boosted its stake in shares of Beam Therapeutics by 5.8% in the first quarter. Vanguard Group Inc. now owns 7,578,768 shares of the company’s stock valued at $250,402,000 after purchasing an additional 413,892 shares during the period. Institutional investors and hedge funds own 99.68% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have issued reports on BEAM. Leerink Partners upgraded shares of Beam Therapeutics from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $27.00 to $39.00 in a report on Wednesday, November 6th. Leerink Partnrs upgraded Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, November 6th. JPMorgan Chase & Co. boosted their target price on Beam Therapeutics from $45.00 to $48.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 7th. Scotiabank assumed coverage on Beam Therapeutics in a research report on Wednesday, October 16th. They issued a “sector outperform” rating and a $24.00 price target on the stock. Finally, HC Wainwright reissued a “buy” rating and set a $80.00 price objective on shares of Beam Therapeutics in a research report on Thursday, November 7th. Four investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $44.91.

Beam Therapeutics Trading Down 4.3 %

Shares of Beam Therapeutics stock opened at $26.31 on Friday. The company has a fifty day simple moving average of $24.44 and a 200-day simple moving average of $24.82. Beam Therapeutics Inc. has a 12-month low of $20.84 and a 12-month high of $49.50. The stock has a market cap of $2.18 billion, a price-to-earnings ratio of -15.17 and a beta of 1.86.

Beam Therapeutics (NASDAQ:BEAM) last posted its earnings results on Tuesday, November 5th. The company reported ($1.17) EPS for the quarter, missing analysts’ consensus estimates of ($1.16) by ($0.01). The firm had revenue of $14.30 million for the quarter, compared to analyst estimates of $14.52 million. Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 41.07%. The firm’s revenue for the quarter was down 16.9% on a year-over-year basis. During the same quarter last year, the firm posted ($1.22) EPS. On average, analysts forecast that Beam Therapeutics Inc. will post -4.66 earnings per share for the current fiscal year.

Insider Buying and Selling at Beam Therapeutics

In related news, CEO John M. Evans sold 60,000 shares of the business’s stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $24.60, for a total value of $1,476,000.00. Following the transaction, the chief executive officer now owns 938,659 shares in the company, valued at $23,091,011.40. The trade was a 6.01 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, President Giuseppe Ciaramella sold 51,110 shares of the company’s stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $26.27, for a total value of $1,342,659.70. Following the sale, the president now directly owns 160,260 shares of the company’s stock, valued at approximately $4,210,030.20. This represents a 24.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 162,894 shares of company stock worth $4,181,745. 4.20% of the stock is owned by insiders.

Beam Therapeutics Profile

Beam Therapeutics Inc, a biotechnology company, engages in the development of precision genetic medicines for patients suffering from serious diseases in the United States. It develops BEAM-101 for the treatment of sickle cell disease or beta-thalassemia; and BEAM-302, a liver-targeting LNP formulation to treat severe alpha-1 antitrypsin deficiency; BEAM-201, an anti-CD7 CAR-T product candidate, which is in Phase 1/2 clinical trials for the treatment of refractory T-cell acute lymphoblastic leukemia/T cell lymphoblastic lymphoma; and BEAM-301, a liver-targeting LNP formulation for the treatment of glycogen storage disease 1a.